New Issue: Metalico announces $28.52 million private placement of shares, warrants

By Devika Patel

Knoxville, Tenn., March 28 - Metalico, Inc. has arranged a $28.52 million private placement of stock and warrants, according to an 8-K filed Friday with the Securities and Exchange Commission.

The company will sell 2,925,000 common shares at $9.75 per share. Investors also will receive 1.17 million warrants, which are exercisable at $12.65 for six years.

Canaccord Adams, Inc. is the agent.

The company will use the proceeds to reduce debt, to fund potential acquisitions and for general corporate purposes.

Metalico is a Cranford, N.J., scrap metal recycler and lead products fabricator.

Issuer:	Metalico, Inc.
Issue:	Common stock, warrants
Amount:	$28,518,750
Shares:	2,925,000
Price:	$9.75
Warrants:	1.17 million
Warrant expiration:	Six years
Warrant strike price:	$12.65
Agent:	Canaccord Adams, Inc.
Pricing date:	March 27
Stock symbol:	Amex: MEA
Stock price:	$10.55 at close March 27

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